Mumbai occupied the fifth position on the Asia Pacific Co-living Index released by Knight Frank while New Delhi was ranked 11th on the Index and Bengaluru taking the 19th position.
A report titled Co-living Insights – 2019 provided an analysis of the key drivers that would drive the success of the Co-living sector within various markets.
While the study covered twenty major Asia-Pacific cities, the report highlighted four examples from the region- Singapore, Beijing, Mumbai and Manila – given their various stages of development and economic significance.
The six metrics which were used to rank the cities are tech & financial hub, housing affordability, venture capital deals and growth, University population, general population and human development index, quality of life.
Based on the Census 2011, a government survey, an estimated 28% of households in urban India are living in rented dwellings, of which 70% fall into the informal category with no proper rental contracts in place.
According to the report, one main reason for this is that various states follow their own version of the archaic Rent Control Act and as a result, many landlords and tenants are unaware of their obligations, rights and legal recourse in the event of disputes.
“There have been efforts in the past by the housing ministry to provide a legal tenancy framework, but we are yet to see any being finalized,” the report read.
As a result, the rights and responsibilities between landlords and tenants are not balanced and a rental housing eco-system in the country is yet to take shape.